Fri, Sep 6, 8:51 PM (106 days ago)
SS Innovations International, Inc. (SSi) reported significant financial changes in its quarterly filing for the period ending June 30, 2024. Revenue surged to $4,386,051, up from $1,575,306 in the same quarter last year, driven by increased sales of its SSi Mantra surgical systems. However, the company's net loss expanded to $2,931,834, compared to $1,850,423 in Q2 2023, reflecting rising operational costs, particularly in selling, general, and administrative expenses, which reached $3,777,479. Total assets increased to $38,317,405 from $30,945,213, primarily due to higher cash and accounts receivable. Despite a working capital surplus of $4.90 million, the accumulated deficit rose to $32.01 million. Cash flow from operating activities improved, with a net cash outflow of $2,094,584, markedly less than the previous year's $10,521,468. The company faced uncertainties due to the need for additional funding to sustain operations and expansion plans. It raised $4.45 million through convertible promissory notes and promissory notes, indicating ongoing efforts to bolster capital. The ongoing reaudit of financial statements and previous accounting irregularities pose additional challenges. Overall, while SSi shows growth potential, it must navigate significant financial hurdles to achieve profitability.